Phase I Construction to Start on $30M Jersey City Redevelopment Project; LEED Certification Will be Sought
- Mar 06, 2009
By Anuradha Kher, Online Jersey City, N.J.–Whiton Street Associates LLC, a designated developer within the Monticello Avenue Redevelopment Plan Area, has initiated the first phase of The Monticello, a $30 million mixed-use redevelopment project located on the north end of Monticello Avenue in Jersey City, N.J. Construction is slated to start this spring, with completion of Phase I anticipated in 2010.The overall proposed project, consisting of four phases, is expected to create more than 500 jobs over a five-year period, through the construction process and upon completion. Located on a 96-acre site on Monticello Avenue, the 225,000-sq.-ft. Phase I of the project will feature 120 rental apartments, 25,000 sq. ft. of retail space that will include a supermarket and 170 indoor parking spaces. The five-story building will offer one and two-bedroom, two-bath apartments ranging from 750 to 1,200 sq. ft., with rents ranging from $600 to $1,700. Eighty percent of the units will be offered at below market rate rents, with twenty percent of the units designated as affordable housing. The Monticello will be constructed of environmentally friendly materials to conform to LEED standards.Monticello Avenue is a designated “Main Street USA,” the only Main Street program located in Hudson County. The Main Street program is sponsored by the New Jersey Department of Community Affairs and is intended to help restore Monticello Avenue, once a vital economic corridor of Jersey City. “During these difficult economic times, investments in our main streets are vital steps that will help us continue to attract development and continue to grow and flourish,” says Mayor Jerramiah T. HealyThe Monticello will feature amenities such as a gym, center courtyard, rooftop garden, concierge and housekeeping service, indoor parking, high-speed Internet and a shuttle to and from surrounding commuter hubs.“The number of jobs (temporary and permanent), the affordable and market rate housing units and the supermarket will certainly enhance Monticello Avenue and benefit its community,” says Michele Massey, executive director of the Monticello Avenue Main Street Program.